MJ GLEESON PLC
Results for the half-year ended 31 December 2020
Strong demand for high-quality, low-cost homes | Strategic Land deal momentum into H2
Full year results set to be significantly ahead of current market consensus
Group:
- Revenue up 35.8% to £142.6m (H1 19/20: £105.0m)
- Profit before tax up 52.6% to £20.3m (H1 19/20: £13.3m)
- EPS up 43.9% to 28.2p (H1 19/20: 19.6p)
- All Government furlough grants of £1.3m repaid in full on 28 January 202
- Dividends resumed, 5p interim dividend
Gleeson Homes:
- Homes sold increased 17.3% to 951 homes (H1 19/20: 811)
- Average selling price increased 9.1% to £140,600 (H1 19/20: £128,900)
- Operating profit increased 28.9% to £20.5m (H1 19/20: £15.9m)
- Record 17 new sites opened (H1 19/20: 5 sites opened)
- Land pipeline of 14,937 plots (June 2020: 13,801 plots)
Gleeson Strategic Land:
- Four land sales completed in H1 (H1 19/20: no land sales)
- A further four sites currently in a sale process
- Increasing demand for consented sites
- Five new sites added to the portfolio (715 plots)